Condor to sell off extended stay properties

George Sell George Sell Uploaded 23 June 2021

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US: Hotel-focused real estate investment trust Condor Hospitality Trust is looking to sell a portfolio of 15 select service and extended stay hotels.

The trust has engaged Hodges Ward Elliott (HWE) to market the properties, which are mostly located in secondary US locations.

Dan Peek, president of HWE’s hotel group, and Clint Hodges, managing director and leader of the firm’s select-service team, will lead the marketing of the hotels.

“We believe we have a high-quality and superior performing portfolio of select-service assets compared to our select-service peers in the public hotel REIT space, and now is the right time to review the company’s strategic alternatives to assess how best to create value for our shareholders,” said Bill Blackham, Condor’s CEO. “During this time, the entire Condor team working closely with our hotel managers will remain highly focused on continuing to drive our hotel operating performance.”

No timetable has been established for the completion of the strategic review.

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